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Ronan Manly: Venezuela says adios to its gold reserves

Section: Daily Dispatches

12:57a CT Sunday, November 1, 2015

Dear Friend of GATA and Gold:

Venezuela lately has probably sold, leased, swapped, or otherwise encumbered more gold than reported, gold researcher Ronan Manly writes today after a painstaking review of the records of the country's central bank.

Venezuela's gold reserves, Manly writes, fell by about 61 tonnes from February to April even though the International Monetary Fund and World Gold Council did not note the decline. This decline, Manly writes, was distinct from the gold swap Venezuela was reported to be undertaking with Citigroup and might have been a sale to other investment banks or even to China.

Shipping documents at the Caracas airport, Manly adds, suggest strongly that more gold from the central bank's vaults was flown to Europe in July.

Manly concludes that Venezuela's gold reserves may be substantially lower than analysts believe are available to help service the country's external debt into 2016 and indeed may already be oversubscribed.

Manly's analysis is headlined "Venezuela Says Adios to Her Gold Reserves" and it's posted at the Bullion Star blog here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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